What is a failing insurance company?
In France, all insurance companies are accredited by the Comité des Entreprises d’Assurance (Insurance Companies Committee).
The French Prudential Supervision and Resolution Authority (ACPR) may revoke this accreditation, which leads to the company concerned to go into bankruptcy.
The Guarantee Fund for Victims then replaces this company, under certain conditions.
The conditions of your compensation
If you have been the victim of a traffic accident or have suffered personal injury caused by a hunting accident, and the insurance company of the person responsible for the accident is in bankruptcy, the Guarantee Fund for Victims will cover these damages. However, the damages must occur before the 40th day following the date of publication in the Journal Officiel of the withdrawal of the insurance company’s accreditation.
- In the event of a traffic accident
The Guarantee Fund for Victims covers material damages and personal injury. However, it only provides compensation for risks that must legally be insured. Theft, glass breakage and fire are not covered.
- In the event of a hunting accident
The Guarantee Fund for Victims only covers damages resulting from personal injury.
- Other situations
Under certain conditions, the Guarantee Fund for Victims may also replace failing companies whose contracts covered: regulated civil liability insurance (construction, health professions, property administrators, insurance brokers or intermediaries, etc.) or compulsory ‘damage’ insurance (building damage policies, regulatory bond policies, etc.).